v3.26.1
BUSINESS SEGMENTS
 9 Months Ended
May 31, 2026
Segment Reporting [Abstract]  
Business segments
NOTE 15. SEGMENT INFORMATION

The Company's operating segments engage in business activities from which they may earn revenues and incur expenses and for which discrete financial information is available. The Company's Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer. The CODM uses adjusted EBITDA to evaluate the underlying operational performance of the Company’s reportable segments and to guide strategic decisions aligned with Company-wide objectives, as it provides a consistent and comparable view of operating results across segments. In doing so, the CODM considers the performance of this measure relative to historical, planned and forecasted financial information when making decisions about capital and personnel allocation.

Adjusted EBITDA is equal to earnings or losses before interest expense, income taxes, depreciation and amortization expense, impairment expense and unrealized gains and losses on undesignated commodity hedges.

The Company structures its business into three reportable segments: North America Steel Group, Construction Solutions Group and Europe Steel Group. See Note 1, Nature of Operations and Summary of Significant Accounting Policies herein as well as in the 2025 Form 10-K, for more information about the reportable segments, including the types of products and services from which each reportable segment derives its net sales. Corporate and Other contains earnings or losses on assets and liabilities related to the Company's benefit restoration plan assets and short-term investments, expenses of the Company's corporate headquarters, litigation-related expenses, interest expense related to long-term debt and intercompany eliminations. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense.
The following table summarizes certain financial information by reportable segment and Corporate and Other, as applicable:

 Three Months Ended May 31, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$1,789,381 $394,574 $291,235 $2,475,190 
Intersegment net sales20,538 11,806 879 33,223 
$1,809,919 $406,380 $292,114 $2,508,413 
Reconciliation of net sales:
Corporate and Other, excluding eliminations8,055 
Eliminations(33,223)
Total consolidated net sales $2,483,245 
Less:
Cost of goods sold1,514,022 288,305 258,948 
Selling, general and administrative expenses93,866 64,674 7,561 
Add:
Depreciation and amortization(1)
52,013 44,010 9,060 
Unrealized gain on undesignated commodity hedges(1)
(557)— — 
Adjusted EBITDA reportable segments$253,487 $97,411 $34,665 $385,563 
Reconciliation of profit or loss
Interest expense40,205 
Depreciation and amortization107,422 
Unrealized gain on undesignated commodity hedges
(557)
Corporate and Other expenses49,654 
Earnings before income taxes
$188,839 
Capital expenditures$123,192 $23,730 $8,813 
__________________________________
(1) Depreciation and amortization and unrealized gain on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.
 Nine Months Ended May 31, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$5,058,760 $907,276 $738,899 $6,704,935 
Intersegment net sales62,483 30,562 2,536 95,581 
$5,121,243 $937,838 $741,435 $6,800,516 
Reconciliation of net sales:
Corporate and Other, excluding eliminations30,635 
Eliminations(95,581)
Total consolidated net sales $6,735,570 
Less:
Cost of goods sold4,204,146 676,789 702,179 
Selling, general and administrative expenses259,363 165,331 22,357 
Add:
Depreciation and amortization(1)
153,806 94,694 27,267 
Unrealized loss on undesignated commodity hedges(1)
5,527 — — 
Adjusted EBITDA reportable segments$817,067 $190,412 $44,166 $1,051,645 
Reconciliation of profit or loss
Interest expense105,981 
Depreciation and amortization282,711 
Unrealized loss on undesignated commodity hedges
5,527 
Corporate and Other expenses175,912 
Earnings before income taxes
$481,514 
Assets$4,773,029 $3,500,235 $798,619 
Capital expenditures317,428 48,098 33,810 
__________________________________
(1) Depreciation and amortization and unrealized loss on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.
 Three Months Ended May 31, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$1,562,286 $197,454 $247,590 $2,007,330 
Intersegment net sales17,317 17,564 730 35,611 
$1,579,603 $215,018 $248,320 $2,042,941 
Reconciliation of net sales:
Corporate and Other, excluding eliminations12,654 
Eliminations(35,611)
Total consolidated net sales $2,019,984 
Less:
Cost of goods sold1,365,385 143,968 245,297 
Selling, general and administrative expenses77,503 42,737 8,102 
Add:
Depreciation and amortization(1)
49,269 11,814 8,672 
Unrealized gain on undesignated commodity hedges(1)
(6,048)— — 
Asset impairments— 785 — 
Adjusted EBITDA reportable segments$179,936 $40,912 $3,593 $224,441 
Reconciliation of profit or loss
Interest expense10,864 
Depreciation and amortization72,376 
Asset impairments785 
Unrealized gain on undesignated commodity hedges
(6,048)
Corporate and Other expenses36,952 
Earnings before income taxes
$109,512 
Capital expenditures$73,689 $6,889 $6,134 
__________________________________
(1) Depreciation and amortization and unrealized gain on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.
 Nine Months Ended May 31, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$4,467,771 $525,733 $655,026 $5,648,530 
Intersegment net sales49,927 42,610 1,966 94,503 
$4,517,698 $568,343 $656,992 $5,743,033 
Reconciliation of net sales:
Corporate and Other, excluding eliminations35,432 
Eliminations(94,503)
Total consolidated net sales $5,683,962 
Less:
Cost of goods sold3,922,418 393,942 631,848 
Selling, general and administrative expenses239,852 121,461 20,254 
Add:
Depreciation and amortization(1)
147,196 33,366 25,291 
Unrealized loss on undesignated commodity hedges(1)
62 — — 
Asset impairments383 785 3 
Adjusted EBITDA reportable segments$503,069 $87,091 $30,184 $620,344 
Reconciliation of profit or loss
Interest expense33,353 
Depreciation and amortization213,397 
Asset impairments1,171 
Unrealized loss on undesignated commodity hedges
62 
Corporate and Other expenses458,049 
Loss before income taxes
$(85,688)
Assets$4,277,108 $866,444 $731,845 
Capital expenditures234,378 26,535 26,152 
__________________________________
(1) Depreciation and amortization and unrealized loss on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.

The following table presents a reconciliation of certain financial information to consolidated totals for the reportable segments:

 Three Months Ended May 31, 2026
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$105,083 $2,339 $107,422 
Capital expenditures155,735 406 156,141 
 Nine Months Ended May 31, 2026
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$275,767 $6,944 $282,711 
Capital expenditures399,336 4,937 404,273 
Assets9,071,883 724,472 9,796,355 
 Three Months Ended May 31, 2025
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$69,755 $2,621 $72,376 
Capital expenditures86,712 2,738 89,450 

 Nine Months Ended May 31, 2025
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$205,853 $7,544 $213,397 
Capital expenditures287,065 6,839 293,904 
Assets5,875,397 1,118,426 6,993,823 

Disaggregation of Revenue

The following tables display net sales to external customers by reportable segment and Corporate and Other, disaggregated by major product. Precast products represent sales of products from our precast platform, as defined in Note 2, Acquisitions, and excludes other revenue, such as delivery fees and other service revenue.
Three Months Ended May 31, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$453,206 $— $7,610 $— $460,816 
Steel products715,837 — 235,187 — 951,024 
Downstream products564,242 45,303 36,781 — 646,326 
Precast products— 172,866 — — 172,866 
Construction products— 81,406 — — 81,406 
Ground stabilization solutions— 85,779 — — 85,779 
Other56,096 9,220 11,657 8,055 85,028 
Net sales to external customers1,789,381 394,574 291,235 8,055 2,483,245 
Intersegment net sales, eliminated in consolidation20,538 11,806 879 (33,223)— 
Net sales$1,809,919 $406,380 $292,114 $(25,168)$2,483,245 
Nine Months Ended May 31, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$1,174,806 $— $18,921 $— $1,193,727 
Steel products2,112,559 — 593,792 — 2,706,351 
Downstream products1,601,255 118,001 92,005 — 1,811,261 
Precast products— 314,470 — — 314,470 
Construction products— 245,744 — — 245,744 
Ground stabilization solutions— 208,252 — — 208,252 
Other170,140 20,809 34,181 30,635 255,765 
Net sales to external customers5,058,760 907,276 738,899 30,635 6,735,570 
Intersegment net sales, eliminated in consolidation62,483 30,562 2,536 (95,581)— 
Net sales$5,121,243 $937,838 $741,435 $(64,946)$6,735,570 
Three Months Ended May 31, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$331,123 $— $6,501 $— $337,624 
Steel products666,298 — 198,228 — 864,526 
Downstream products506,639 46,002 33,639 — 586,280 
Construction products— 78,219 — — 78,219 
Ground stabilization solutions— 68,560 — — 68,560 
Other58,226 4,673 9,222 12,654 84,775 
Net sales to external customers1,562,286 197,454 247,590 12,654 2,019,984 
Intersegment net sales, eliminated in consolidation17,317 17,564 730 (35,611)— 
Net sales$1,579,603 $215,018 $248,320 $(22,957)$2,019,984 
Nine Months Ended May 31, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$959,083 $— $16,927 $— $976,010 
Steel products1,884,312 — 519,709 — 2,404,021 
Downstream products1,462,696 119,559 92,551 — 1,674,806 
Construction products— 219,931 — — 219,931 
Ground stabilization solutions— 173,266 — — 173,266 
Other161,680 12,977 25,839 35,432 235,928 
Net sales to external customers4,467,771 525,733 655,026 35,432 5,683,962 
Intersegment net sales, eliminated in consolidation49,927 42,610 1,966 (94,503)— 
Net sales$4,517,698 $568,343 $656,992 $(59,071)$5,683,962